BusinessWire · Wednesday, Oct. 6, 2010
http://www.financialpost.com/markets/news/Anti+Money+Laundering+Expert+Promontory+Compliance+Solutions+Releases/3633320/story.html

Promontory Compliance Solutions has released the latest version of AML Atlas™, a database that rates countries of the world according to their perceived risk of money laundering and terrorist financing.

For the first time, AML Atlas™ incorporates into its methodology the Transparency International Corruption Perception Index, a widely respected index that ranks 150 countries in terms of perceived levels of corruption, as determined by expert assessments and opinion surveys. The latest edition of AML Atlas™ also incorporates the recently released “Presidential Determination on Major Illicit Drug Transit or Major Illicit Drug Producing Countries for Fiscal Year 2011”, changes to World Bank Governance Indicators, new information from the Financial Action Task Force (“FATF”), and updates to several other anti-money laundering related indicators.

AML Atlas™ continues to rate Iran, Burma (also known as Myanmar), and Cuba as among the riskiest countries, considering the U.S. and multinational sanctions against them. In addition, it identified several countries, including the Cook Islands, Costa Rica, Eritrea, Honduras, and Nicaragua, as presenting rising risks.

“Fighting money laundering, terrorist financing, and financial fraud remains a high priority for governments around the world, and AML Atlas™ is a proven tool for helping financial companies comply with complex rules,” said Eugene A. Ludwig, CEO of Promontory Compliance Solutions. He noted that the U.S. Financial Crimes Enforcement Network in September issued an Advance Notice of Proposed Rulemaking that could result in a dramatic expansion in reporting requirements for cross-border transactions.

"This latest release not only now incorporates Transparency International’s Corruption Perception Index, but reflects feedback and data from our growing subscriber network based on their on-the-ground experience with high-risk countries,” said Michael Dawson, chief operating officer of Promontory Compliance Solutions.

Promontory Compliance Solutions introduced AML Atlas™ in 2005 to meet the need for a geographic risk assessment tool that rates countries according to their perceived risk of money laundering and terrorist financing. Delivered twice a year through a subscription-only database, AML Atlas™ compiles information on over 200 jurisdictions and assigns each an overall risk score. The database is used by community, regional, and multinational banks in the U.S., Europe, Asia, and Africa, and can also be used to create customized reports and risk ratings.

Promontory Compliance Solutions is an affiliate of Promontory Financial Group, the premier global financial services consulting firm. Promontory was founded by Mr. Ludwig, who is its chairman and CEO. Mr. Dawson served as Deputy Assistant Secretary for Critical Infrastructure Protection and Compliance Policy at the U.S. Department of the Treasury before joining Promontory as a managing director in 2004.

In addition to AML Atlas™, other Promontory Compliance Solutions offerings include RADAR™, a tool for conducting compliance risk assessments according to a uniform methodology across an entire financial holding company, and Log™, a web-based application that improves information flow and facilitates better compliance project management.